Finances Online writes: Small businesses usually start with manual accounting systems and
then add programs such as QuickBooks or Microsoft Excel as their
business expenses become harder to monitor. However, it is always best
to plan ahead of time. Your organization’s accounting software system
must be able to handle your current needs and quickly adapt to future
growth.
Look for a robust system that can quickly grow along with your
business. The system you select should well integrate with many of the
business processes your businesses uses to save time and reduce data
entry errors.
Data storage
When selecting a software-based accounting system,
you have to make sure the system would encrypt your confidential
financial information. That software system should also have the
capacity to schedule backups so important information cannot be simply
lost during a computer crash. Consider your organization’s physical
storage needs, such as having file cabinets to lock up confidential
documents and fireproof cabinets so you can have software backups. You
can likewise store a copy of a recent data backup off-site that you can
retrieve in case there is a catastrophic event that happened at your
main office. However, you should also sure the location not too far away
to get if you need to swiftly restore the information.
Reporting
Detailed accounting reports can help your managers make better
informed decisions. For instance, printing a daily cash report can help
you decide when to switch funds to your company checking account to
handle payroll checks or even bill payments. Make sure the accounting
system has the capacity to generate an entire package of financial
statements including an income statement, balance sheet, cash flows
statement as well as statement of owner’s equity. In addition, you may
want to generate customized reports using the rich information located
in your software’s database, such as cost of goods sold, inventory
reports, accounts receivable aging, budget variance reports, open
accounts payable for your company’s cash flow management, as well as tax
reports for the CPA.
Internal Controls
For security purposes, the accounting system you should be getting
should offer the choice of limiting permissions by user. The same user
should not be allowed to handle deposits as well as reconcile bank
accounts. If the system has the capacity to print the person’s initials
or provide identification number on reports, this information can be
used when auditing incorrect transactions. Your company’s supervisors
should be able to have hard copies of reports to ensure the work of
their employees. The organization should also have a process for
checking out unusual journal entries as well as keep documentation in
the accounting files.
Accuracy
The usefulness of an accounting software system
would mainly depend on the data accuracy it contains. Start by getting
professionals whom you trust to provide the information perfectly the
first time. Do not try to save money by shortchanging your data entry
personnel because you think any person can do the job correctly. Saving
money by giving low wages may even cost much more in terms of accounting
fees especially if you need to correct financial statements. Periodic
review by your company’s supervisors can also catch various errors
before they can have an effect in your company’s period-end closing
numbers.
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Here are five robust accounting software systems and their solutions.
1. Quickbooks Pro
QuickBooks Pro is established on the simplicity as well as popularity of Intuit’s QuickBooks, which is regarded as the entry-level software system for many small businesses.
It brings additional features to the table, specifically by enabling
business accounting to become easier by providing windows you use to
track common business transactions, including invoices, check writing,
and purchase orders. It integrates with a number of third-party
products, scalable, and expandable.
QuickBooks Pro SmartScore and Customer Satisfaction
Our B2B experts reviewed QuickBooks Pro features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave QuickBooks Pro a score of 9.0/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
2. WorkflowMax
WorkflowMax is a project management solution that has been built to
handle all your business management needs, which includes project
tracking, invoicing, job monitoring, timesheets, reporting, and all
various aspects of project management. It flaunts a seamless integration
with Xero’s business software as well as systems, including Xero
Accounting software.
It is a wide set of project management tools that works perfectly
with companies from different industries. It has an extensive list of
applications designed to boost the potential of any enterprise.
WorkflowMax SmartScore and Customer Satisfaction
Our B2B experts reviewed WorkflowMax functionalities, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave WorkflowMax a score of 7.3/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 100%.
3. FinancialForce Accounting
FinancialForce Accounting for Salesforce is quite easy to learn, use,
as well as maintain. It is a simple yet powerful cloud accounting
system. FinancialForce provides an an end-to-end solution that is ideal
for small and large sales as well as service-oriented companies that are
looking for ways to make their business operations more effective at
less cost.
It has the Salesforce Accounting app, leveraging the power as well as
the flexibility of the efficient Force.com cloud platform.
FinancialForce Accounting also integrates with Salesforce CRM to enable
your employees to work as one team.
FinancialForce Accounting SmartScore and Customer Satisfaction
Our B2B experts prepared a detailed review of FinancialForce describing its features user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave FinancialForce Accounting a score of 6.7/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
4. FreeAgent
FreeAgent is a web-based accounting and financial management tool
that is well suited for those thatve small businesses and with up to 10
employees. Whether you are new to the business or are already
successful in your business, this system is for you.
FreeAgent was created to respond to the difficulties of handling
financial matters for those with small businesses as well as
freelancers. It is currently being used by over 35,000 small businesses
as well as freelancers in up to 80 countries who realized the tool is an
easy and efficient method to handle their books and invoicing.
All your system data is backed up a lot of times every hour to the company’s secure server.
FreeAgent SmartScore and Customer Satisfaction
Our B2B experts made a full review of FreeAgent listing its features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave FreeAgent a score of 6.7/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 98%.
5. KashFlow
Considered the top accounting and bookkeeping software solution in
the United Kingdom, this tool has been giving topnotch online accounting software platforms for small business companies since 2005.
KashFlow is a top, cloud-based, and user-friendly accounting software
solution designed to help small business owners really make sense of
their business accounts. However, it has options for various businesses,
full of automated features and well integrated with add-ons such as
DropBox, PayPal, and many more.
KashFlow clients can generate quotes quickly, produce invoices that
are fully customizable invoices, balance books, and check out their
expenses.
KashFlow SmartScore and Customer Satisfaction
Our B2B experts reviewed KashFlow accounting software detailing its features, user experience, customer support and other key elements of the service. Final results as summarized by the SmartScore system gave KashFlow a score of 7.0/10 while the results provided by the Customer Satisfaction Algorithm place the overall user satisfaction rating at 93%.
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